North American Bitcoin Exchange Paxful, while notifying its users in Venezuelan, stated that now they can not use its services.
As per the report, the US has recently imposed sanctions on Venezuela, therefore, the exchange announces to discontinue its operations in the country.
Users Can Withdraw Funds Within 30-Days
Paxful in its notification has mentioned that within 30 days time limit the Venezuelan users can withdraw their funds from the exchange, free of charge. But if any of the traders of Venezuela are living abroad and have verified address there, then they can continue trading on the exchange.
The crypto exchange that leads the Latin American region in crypto volumes has stated, “Our mission is to help the four billion unbanked and underbanked around the world and we’re truly heartbroken that we aren’t able to extend this calling to the people of Venezuela for now.”
In June 2020, the peer-to-peer Bitcoin exchange denied accepting payment processed through Bank of Venezuela. At that time, the exchange in its announcement clearly mentioned that if any of its users would trade through the state-owned lender, then Paxful will deactivate their accounts.
The North American Bitcoin Exchange stated that in order to comply with the directives of the US Office of Foreign Asset Control, it decided to not accept the payment through the state-owned banks.
Paxful Entirely Not Discontinued Services
According to the report, Paxful has not discontinued its entire services for the citizens. In fact, if an individual wants to continue using its services then they should verify their identities to prove that they are not the victim of sanctions.
Further, it has been stated that after the Venezuelans have completed their rigorous KYC process, they were still allowed to use the platform.
A few days ago, the Venezuelan Government also stopped the services of the US exchange Coinbase and MercaDolar in its region.
In the past two years, many crypto exchanges have been shut down in Venezuela after receiving an order from the authorities.